Housing Trust Group closed on financing to begin construction on its new affordable housing development in Miami-Dade County: Princeton Park. The $36 million community, set to break ground this month at 13105 SW 248 St., will have all the units reserved for family households earning at or below 60 percent of the area median income, with 15 units set aside for extremely low income individuals at 33 percent AMI. The community will remain affordable for 50 years.

“Princeton Park will set a new standard for what affordable housing can be and will provide a safe, clean and attractive place for families in a part of the county that desperately needs more housing options. This community will also provide supportive services that will help residents and their children thrive in the future,” said Matthew Rieger, president & CEO of HTG.

Set to open in August of 2018, the community will feature 150 units of one- two- and three-bedroom floorplans across four three-story buildings. Interior features will include open floorplans, granite countertops, luxury flooring, and a full range of ENERGY STAR appliances. Residents of Princeton Park will have access to the 8.4-acre clubhouse that will feature amenities such as a fitness center, community room, work stations and a luxury swimming pool. The community, designed by Corwil Architects, will also include grade-level parking.

Financial Challenges

Princeton Park funding was provided through the use of 9 percent low income housing tax credits from the Florida Housing Finance Corp., $23.7 million in equity from National Equity Fund in partnership with SunTrust Bank, a $3.5 million loan from Column Financial, and a $23.3 million construction and $7.3 million permanent loan from KeyBank.

“We are excited to close on financing and begin construction of Princeton Park which, when completed, will be our finest affordable community to date,” Rieger told Multi-Housing News. “We faced serious challenges over the past year, primarily due to the potential for corporate tax reform, which caused a tremendous drop in tax credit pricing. We were fortunate to be able to find enough other financing sources to be able to underwrite the transaction and are incredibly proud to be able to provide 150 new apartments to those citizens who need them most.”

Adjacent to US-1, Princeton Park is in close proximity to transit such as the South Miami-Dade Busway which runs on an exclusive lane to Downtown and the Airport. The community will provide residents with literacy training, family support coordinators, and an employment assistance program. HTG has five other affordable housing communities currently under construction in Florida, including Covenant Villas, a 144-unit apartment community in Belle Glade.